meed-logo

line1 line2 line3
SIGN IN / REGISTER

Aramco’s $450m PPP heads for financial close

23 January 2024

The team that won the contract to develop and operate Saudi Aramco's public-private partnership (PPP) accommodation complexes at Haradh and Wudayhi in the Eastern Province of Saudi Arabia has signed the lease agreement for the project.

It also expects to reach financial close for the project soon, according to a source close to the scheme.

MEED understands local lenders led by Riyad Bank have agreed to provide debt for the project.

Saudi Aramco first tendered the Haradh and Wudayhi PPP contract in 2019, before retendering it in 2022.

A team comprising local companies Lamar Holding and Asyad Group won the retendered contract, valued at about $450m, in December 2022, as MEED reported.

The complexes are expected to house up to 2,800 employees across 11 residential buildings. There are also two mosques and a clinic, as well as a refurbished recreational facility and an expanded medical facility at each complex.

The scope of the contract also includes the construction of a sewage treatment plant operations building and the installation of chiller plants, according to regional projects tracker MEED Projects.

Saudi Aramco received three bids for the retendered contract on 25 August 2022. The other two bidding teams were led by Al-Rajhi Development Company and Yamama, both based in Saudi Arabia.

Retender

In November 2021, Aramco selected the local Al-Rajhi Development Company and India’s Shapoorji Pallonji to deliver the build-own-operate-transfer project.

Shapoorji Pallonji was to deliver construction works, with Al-Rajhi operating the project for a concession period of 20 years.

The ramp-up in construction activity in the kingdom, combined with global supply chain issues and increased interest rates, drove up costs and resulted in renegotiations, with Aramco deciding to reissue the tender, a source close to the project told MEED in 2022. 

Aramco is procuring two other housing PPP schemes. 

A team led by El-Seif was awarded the contract to develop and implement the Tanajib housing PPP project in early 2022. The project scope includes the development of 2,500 housing units, in addition to a food court, parking facilities and infrastructure.

In January 2023, a team led by Lamar Holding is understood to have won the contract to develop Aramco's staff accommodation located on Abu Ali Island. The project is expected to house 700 employees and is valued at an estimated $250m.

MEED's October 2023 special report on Saudi Arabia includes: 

> COMMENT: Riyadh reshapes its global role
> POLITICS: Saudi Arabia looks both east and west
> SPORT: Saudi Arabia’s football vision goes global
> ECONOMY: Riyadh prioritises stability over headline growth
> BANKS: Saudi banks track more modest growth path
> UPSTREAM: Aramco focuses on upstream capacity building
> DOWNSTREAM: Saudi chemical and downstream projects in motion
> POWER: Riyadh rides power projects surge
> WATER: Saudi water projects momentum holds steady
> GIGAPROJECTS: Gigaproject activity enters full swing
> TRANSPORT: Infrastructure projects support Riyadh’s logistics ambitions
> JEDDAH TOWER: Jeddah developer restarts world’s tallest tower

https://image.digitalinsightresearch.in/uploads/NewsArticle/11455825/main.jpg
Jennifer Aguinaldo

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Morocco to invest $300m in Casablanca port expansion

    9 July 2026

    Marsa Maroc, Morocco’s biggest port operator, has announced that it will invest MD3bn ($300m) to expand container-handling capacity at the Port of Casablanca, following the grant of a 20-year extension to its concession for operating Container Terminal 3 (TC3).

    The concession extension will be undertaken through Marsa Maroc's subsidiary, TC3PC.

    Marsa Maroc will increase TC3’s capacity from 600,000 to 900,000 twenty-foot equivalent units (TEUs) by 2030.

    The wider programme is expected to lift the Port of Casablanca’s overall container capacity to more than 2 million TEUs.

    Planned works include extending quay infrastructure, modernising cargo-handling equipment and reconfiguring storage areas at the two container terminals operated by Marsa Maroc at the port.

    The company said that these upgrades are intended to improve operational efficiency and enhance cargo throughput.

    The latest announcement follows Marsa Maroc's unveiling of a MD21bn ($2.1bn) investment programme in March, as it looks to reinforce its position as a leading regional ports player through to the end of this decade.

    Marsa Maroc reported consolidated revenue of MD5.7bn ($578m) in 2025, a 16% rise from MD5.8bn ($500m) a year earlier.

    The company attributed the growth to increased volumes handled at its terminals, as well as a broader range of logistics services.

    Operationally, cargo throughput climbed to more than 67 million tonnes, up 6% year-on-year, and a record for the group.

    Container volumes also hit a new milestone, topping 3 million TEUs for the first time, consolidating Marsa Maroc’s standing as Africa’s fourth-largest container operator.

    Marsa Maroc is the fourth-largest listed firm in Morocco by market capitalisation, according to UK-based Drewry Maritime Research.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17588652/main.jpg
    Yasir Iqbal
  • Riyadh tenders Quality Valley mixed-use PPP project

    9 July 2026

     

    Saudi Arabia’s State Properties General Authority, in collaboration with the National Centre for Privatisation & PPP, has tendered a contract to transform the Saudi Standards, Metrology & Quality Organisation's headquarters site in Riyadh’s Al-Muhammadiyah area into a mixed-use district.

    The firms have been allowed until 8 October to submit their proposals.

    Known as the Quality Valley Riyadh project, the public-private partnership (PPP) scheme will be developed on a design, build, finance, operate, maintain and transfer basis.

    In May, MEED reported that 59 firms had expressed interest in the contract to develop the project.

    Unless otherwise stated, the interested companies are local. They now include:

    Developers / real estate developers:

    • Abdulrahman Saad Alrashid & Sons (Artar)
    • Ajdan Real Estate Development Company
    • AlBawani
    • Al-Gihaz Holding
    • Al-Ayuni Investment & Contracting
    • Alameriah Development
    • Alargan Projects Company
    • Al-Fahd Company
    • Alkhorayef Investment & Development
    • Al-Soliman Real Estate
    • Al-Saedan Real Estate
    • Asyad Holding Company
    • Arabian Construction Company (UAE)
    • Business Deal Company
    • Ezdihar Real Estate Company
    • Hay Developments
    • Heyazah Real Estate Development
    • Kinan International 
    • Ladun Investment Company
    • Lamar Holding (Bahrain)
    • Ledar Investment
    • Liwan Real Estate Development
    • Mada International
    • Naif Alrajhi Investment
    • Pan Kingdom Real Estate
    • Refad Investment & Real Estate Development
    • Retal Urban Development Company
    • Al-Mozaini Real Estate
    • Safari Group
    • SkyBridge (US)
    • Sumou Real Estate
    • Tatweer
    • Technical Development Company
    • Telad Real Estate
    • Zamil Group
    • Zeoof Real Estate Investment & Development

    Contractors:

    • Al-Kifah Holding Company
    • BEC Arabia
    • Buna Al-Khaleej Contracting Company
    • Saudi Binladin Group
    • Fanar Arabian International
    • International Hospitals Construction Company
    • Mohammed Ali Al-Swailem Trading & Contracting (Masco)
    • Mobco Civil Construction
    • Shar Company
    • Shibh Al-Jazira Contracting Company
    • Urbas Middle East (Spain)

    Consultants:

    • Alteraz Design Architectural & Engineering Consultant
    • Dar Al-Riyadh
    • Meinhardt Group (Singapore)
    • Equity Investors
    • Ahmed Al-Thunayan Investment Group
    • Aldrees Industrial and Trading Company
    • Tanami Holding
    • Own United
    • SAH First Investment Company  
    • ​Sumou Global Investment / Poly Manners Architecture
    • Financial Services Providers​​
    • GIB Capital
    • Mefic Capital
    • SNB Capital

    The project comprises commercial offices, a four-star hotel and retail facilities. The contract term is 32 years, in addition to a three-year construction period. The site covers about 191,000 square metres.

    UK-based PricewaterhouseCoopers, US-based engineering firm Jacobs and Saudi Arabia’s Al-Nowaisser & Al-Suwaylimi are advising on the project.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17603519/main.jpg
    Yasir Iqbal
  • Egypt gold project to start commercial production next year

    9 July 2026

    Egypt’s Abu Marawat gold project is on track to begin commercial production in 2027, according to a statement by the North African country’s Petroleum & Mineral Resources Ministry.

    This target was highlighted during a meeting with Abu Marawat Gold Mines Company to review and discuss the Environmental and Social Impact Assessment study for the gold mining and extraction project in the Abu Marwat area of ​​the Eastern Desert.

    Abu Marawat Gold Mines Company is the Egyptian joint-venture company set up to develop and run the Abu Marawat gold project.

    It is owned by Canada’s Aton Resources and Egypt’s Mineral Resources & Mining Industries Authority (MRMIA).

    During the meeting, Yasser Ramadan, chairman of the MRMIA, said that the Marawat project serves as a practical model for the Petroleum & Mineral Resources Ministry’s strategy to establish modern mining operations.

    The Abu Marwat project is located in the Arabian-Nubian Shield region of the Eastern Desert.

    The concession covers an area of more than 57 square kilometres.

    Aton Resources has been advancing the exploration and development of the Abu Marawat concession since its award in 2007, with active exploration starting on the ground in 2009.

    The meeting with Abu Marawat Gold Mines Company was attended by executives from the Petroleum & Mineral Resources Ministry, the MRMIA and the Egyptian Environmental Affairs Agency, as well as representatives from the Red Sea and Qena governorates, members of the House of Representatives and local community leaders.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17603106/main.jpg
    Wil Crisp
  • Firms submit King Salman airport project prequalifications

    8 July 2026

     

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s King Salman International Airport Development Company (KSIADC) received prequalification statements on 1 July from contractors for two new packages at King Salman International airport (KSIA) in Riyadh.

    These include the construction of a permanent East-West corridor and landside access roads serving the North and South terminals.

    The scope covers the construction of roads, bridges and tunnels.

    The client is expected to float the tenders soon.

    The latest development follows KSIADC's selection of three groups to deliver the Terminal 6 apron, taxiways and other airfield infrastructure at KSIA.

    KSIADC, which is backed by Saudi sovereign wealth vehicle the Public Investment Fund, will initially deliver the project on an early contractor involvement basis.

    In March, MEED exclusively reported that KSIADC had selected three groups for the construction of Terminal 6.

    In November last year, MEED reported that KSIADC was targeting mid-2026 to award the contract for the construction of Terminal 6.

    MEED reported in May 2025 that US firm Bechtel Corporation had been appointed as the delivery partner for the terminals at KSIA.

    According to local media reports, KSIADC’s acting CEO, Marco Mejia, said the project developer has completed the project’s masterplan.

    The reports added that Terminal 6 will boost the airport’s capacity by 40 million passengers.

    The project is expected to be delivered before the start of Expo 2030 Riyadh.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17588533/main.jpg
    Yasir Iqbal
  • WEBINAR: Saudi Giga Projects: Market Update for Q3 2026

    8 July 2026

    Webinar: Saudi Giga Projects: Market Update for Q3 2026 
    Tuesday 21 July 2026 | 11:00 AM GST  |  Register now

    Agenda:

    • Saudi projects market outlook and giga projects update
    • 2026 contract awards, project activity and market performance
    • Giga project reprioritisation, funding allocation and delivery progress
    • Key project announcements, milestones and market developments to watch
    • Major contracts awarded across construction, infrastructure and utilities
    • Upcoming tenders and contract award opportunities over the next 6–12 months
    • Geopolitical risks and their impact on project execution and investment
    • Progress across NEOM, The Red Sea, Diriyah, Qiddiya and New Murabba
    • Major non-giga project opportunities and growth sectors across Saudi Arabia
    • Short-, medium- and long-term outlook for the Saudi projects market
    • Audience Q&A

    Hosted by: Yasir Iqbal, MEED's construction editor

    Click here to register

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17588750/main.jpg
    Yasir Iqbal